7 Mastermind Group Myths Debunked

Ideas and trends get misappropriated all the time. When you fuse 2 different ideas together you create something new. This is the whole idea behind the Mastermind concept. But there are a lot of misconceptions and Mastermind group myths are more common that reality. Everyone want’s a piece of the “Mastermind pie”. So they tag the name onto what they do and hey presto – we now have a Mastermind! That’s not how it works. Here is our explanation as we debunk a few of the most common myths.

Myth #1 – It’s Only for the wealthy

Masterminds are only for the rich and famous. The idea that you must spend $5,000 or even $10,000 to get any kind of benefit is not true. Spend $10,000 and we will give you great concepts, great strategies and highly targeted advice. The issue for small business is the price tag. The idea that bigger the price tag, the move value you receive, can be deceiving. A weekend retreat away to discuss your goals, objectives and vision from 1 industry expert is all you need to grow your business. Seriously? Most small business can’t afford that kind of price tag for a single business strategy session. The other problem with a one-off retreat is the lack of consistency. Ever been to a conference and learned 10 new ways to improve your business? Only to return to the office and only implement 1 successfully and 1 half-heartedly. The other 8 great ideas on the list sit in your draw for the next few years, gathering dust. Consistency is the key because rituals and habits trump goals every time.

Myth #2 – MeetUps are Masterminds

The meetup platform is a phenomenon. Think of any kind of niche and you can connect with like-minded individuals with similar tastes. Everything from UFO, Tall People, Double Dutch Skipping, the list is endless. The vast majority of meetups are in person, at a set location (involve travel etc) and function as part networking, part presentation. We’re making a generalisation here. Masterminds, although sometimes based around a specific topic, are much smaller and are peer led. Allowing for more interaction with each other, and a much deeper connection with more structure in place. The MeetUp website does have a great article on empowering Masterminds here. 

Myth #3 – Mastermind Coaching

Coaching is almost always about the “coach” and what they know. Telling you what they have experience in what you should do and how to do it. There are several variations of this and many great methods to get the most out of any coaching session. But it’s almost always only 1 person’s view of what you should do (and you are paying for this singular advice). Coaches can teach you practicalities of managing your time, and also help you set personal and professional goals. There are specialist coaches with specific expertise in subjects like marketing, social media, or life coaches. They key reasons it’s not a true Mastermind is that the dynamic is a master to student. One viewpoint only. A true mastermind is a collection of opinions and ideas.

Myth # 4 – Industry Specific

Mastermind students feel that they need to be in a group surrounded by everyone in the same industry. They assume the topics they discuss should all be about one area of expertise. But having a common interest is not always enough. You have to be wary of “Groupthink”. Where everyone in a group has very similar beliefs and ideas about certain things. These groups lack diversity of thought and fail one of the key mastermind principals – multiple viewpoints.

Myth #5 – Business Only

The assumption is that a mastermind meeting is all about business, business, business. Which is not true. As a solopreneur or an SME, there is a direct correlation between YOU as the business owner and the success of your business. You have a symbiotic relationship and are interdependent. Taking time to work on your soft skills like mindset, meditation or journaling help. Education via podcasts, books, or productivity improvements also effects you and your business. You become a better person. The result is that this can’t fail to have a big impact on your business.

Myth #6 – Time Consuming

The biggest lie we tell ourselves each day is that we “don’t have time” and that we are too busy. I’ve used this one myself and hear it so often (because I now listen out for it). What we are really telling someone is that a Mastermind group is not enough of a priority for us. Without spending the time to sit back and reflect on what is most important to us on a daily/weekly/monthly basis – by default we do the familiar. Have you ever finished your week of work feeling exhausted? Was it because you are stretched in so many directions that your brain felt frazzled? Take a step back and critically evaluate where you spend your time. What is the most valuable use of it? Only then can we leverage our time better and create more freedom. 

Myth #7 – Limited Duration

Joining a Mastermind for a few weeks or months is beneficial to some people. They feel that they need to learn 1 new strategy or technique and that business will improve dramatically afterwards. There are instances where this limited duration can and does work. But often we tend to slip back into our previous habits and are not as consistent as we would like to be. This is where the duration is more important that a short sprint. As long as you are evolving, still learning and growing – then a mastermind group can and often does last years. You create deeper connections and more lasting friendships. You watch each other grow into better business owners and people. As the saying goes “a rising tide lifts all boats” If you are serious about your business and the role you play in shaping your future success then make sure you don’t fall prey to the Mastermind group myth and that you join one that ticks all your boxes. Joining the wrong one can be really expensive! We also have a complete post on Facebook Masterminds as they warranted a post of their own. Ask us about joining a Mastermind group that fits your exact needs.